The Value of Cryptocurrencies: For more than a month, the cryptocurrency market has shown instability and indecision. This is clear from Bitcoin‘s price holding steady around $70,000. A comparable pattern can be seen in Ethereum, with a 6% increase over the last week. However, XRP and Cardano (ADA) experienced minimal growth of just 1%, while Solana (SOL) saw a decline of 6%.
On the 11th of April, there was an inflow of $91.27 million into Bitcoin spot ETFs, yet this didn’t significantly boost the price of Bitcoin.
Before the upcoming bitcoin halving, Santiment has observed a surge in social media chatter about it – the most significant this year. This heightened interest among investors may be a sign of their anticipation. However, the market’s current stability indicates that this increase in conversation alone might not lead to substantial price shifts. Nevertheless, if bitcoin approaches record-breaking prices, there is a risk of FOMO (Fear of Missing Out), potentially causing a temporary peak. Conversely, a dip in price to around $67k, accompanied by increased talk about the halving, could indicate FUD (Fear, Uncertainty, and Doubt), creating a buying opportunity for some investors.
With just a week left until #Bitcoin’s halving event, public interest in the topic has reached an annual peak at 9pm UTC, reflecting a significant surge. These heightened discussions may signal impending price reversals for the crypto market. The markets have shown:
— Santiment (@santimentfeed) April 12, 2024
1) Ethereum (ETH)
Ethereum is a leading blockchain system where you can build decentralized apps (dApps) and smart contracts. Its own cryptocurrency, Ether (ETH), is employed for payment of transaction charges and to access computational resources.
After the achievement of Decun’s success, Ethereum developers are currently working on the upcoming enhancement named ‘Pectra’. This upgrade is predicted to be rolled out between the end of 2024 and the beginning of 2025. It aims to deliver a substantial improvement in crypto wallet capabilities and provide a better user experience (UX).
In the larger market scenario where mergers and acquisitions are commonplace, Ethereum’s price has fluctuated around $3500 for close to a month. The total value of this leading altcoin in the market is $424.2 billion, while its daily trading volume amounts to $13.3 billion.
Examining the day-to-day price chart reveals a consolidation zone that aligns with two ascending trendlines, suggesting a potential wedge formation. In order for buyers to retake command of the asset, they need to surpass the resistance trendline and retest the $4100 peak.
2) Cardano (ADA)
Cardano (ADA) is a well-known blockchain network that prioritizes safety and sustainability. It uses a proof-of-stake method for validation, which consumes less energy compared to Bitcoin’s proof-of-work process.
The overall direction of Cardano’s price in the mid-term is positive, as indicated by an upward trendline on the daily chart. However, over the past month, the ADA price has dropped significantly from $0.81 to $0.567, representing a decline of approximately 30%.
The correction trend is presently putting pressure on the support trendline, potentially causing this altcoin to drop as low as $0.46.
At the deadline for this article, the cost of Cardano (ADA) was $0.584, representing a loss of $0.2 within the day. The total value of all existing ADA is currently estimated at $20.8 billion, maintaining its rank as the 10th largest cryptocurrency by market capitalization.
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a unique cryptocurrency inspired by internet culture and memes, much like Dogecoin. Its significance lies in its connection to the widely recognized Pepe the Frog meme, a popular figure in the online world.
The ongoing consolidation in the PEPE coin can be traced using the two converging trendlines of the pennant pattern. The asset recently rebounded from the pattern’s lower trendline at $0.0000634 and surged to $0.0000722, registering a 14% jump.
The PEPE price needs to surpass the pennant’s pattern for buyers to cause a breakout and end this sideways trend. At present, the memecoin boasts a market capitalization of $3.03 Billion, while its 24-hour trading volume amounts to $754.2 Million.
If the PEPE coin experiences a strong upward price movement past its current resistance level, it could potentially reach a peak price of $0.0000132, implying a possible gain of approximately 60% for investors.
Key Takeaway
In the coming week, anticipation surrounding Bitcoin’s halving event has grown significantly. This is shown by an increase in social media chatter about it, based on Santiment’s analysis. Although historical information and broader tendencies indicate a possible upward trend, Bitcoin’s current period of consolidation leaves traders hesitant. They are holding off on making firm decisions until they have more information.
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2024-04-12 16:02